Quote:
Originally posted by Titus@Jan 19 2004, 08:28 PM
The UK actually has a higher per-capita load, with the average adult citizen carrying the equivalent of $8k in debt.
There were 1.4 million bankruptcies declared last year in the US.
Some people argue that the rising debt level increases productivity, since people are forced to work harder and take less days off in order to maintain their payments.
- Titus
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I dunno about that theory....
But debt is like anything, it is all relative.
For example, someone gets out of college, gets a 50k a year job and buys a 150k house. He will probably be financing 120k or so.
Over the years, this person should end up making more money. He could start earning 150k a year, and thus with his family move into a larger house. Maybe 500k, which he would finance 300k or so.
He owes more in debt, but he has more assets, and is earning more.
I am not wild about Bush's spending. I think he is worse then a democrat, and should be hammered on it. The problem is the democrats spend just as much..... We live in a Country where the political parties fight on who can spend the most - especially on social, and pork issues.
But I do not think overall the US is that bad of shape.... we are certainly not where most of Europe is. ( though we are trying to catch up!)